On Wednesday, the crypto market experienced a sudden wave of selling pressure as Bitcoin headed for the $60k breakdown. While most major altcoins followed this downward momentum, Dogecoin showed resilience, posting a 0.4% intraday gain. The neutral candle formation suggests that DOGE is continuing its sideways trend, but whale accumulation and an imminent breakout from the triangle pattern signal a potential rally toward $0.15

Can Dogecoin Price Break $0.15 by the End of October?

Amid the ongoing Iran-Israel war, the Dogecoin price prediction showcased a notable reversal from $0.132 to $0.1, accounting for a 19% loss. Consequently, the Doge’s market cap plunged to $15.75 billion. An analysis of the daily chart shows this pullback forms a bear cycle within this symmetrical triangle pattern. 

Since June 2024, the pattern’s two converging trendlines have carried a sideways trend within two converging trend lines acting as dynamic resistance and support. Theoretically, this chart pattern drives a temporary correction for the prevailing trend to regain its momentum for a directional move post-breakout. 

The Dogecoin price recent breakdown below 100 and 200-day Exponential Moving Average could accelerate the selling pressure and drive another 6% fall to retest the lower trend at the $0.1 psychological level. A potential reversal from this support could extend the consolidation phase yet provide buyers an opportunity for upside takeout at $0.122.

If the DOGE price manages to breach the overhead trendline around mid-October, the buyers could drive a high-momentum breakout rally to $0.15 by month-end.

According to data from Santiment, the number of Dogecoin holders with wallets containing between 1 million to 10 million DOGE has steadily increased, reaching a total of 10.63 billion DOGE. 

This rise in whale holdings since the October 2024 disputed major price swing suggests high confidence among the largest holders for Dogeoin’s future potential. Historically, the indicator’s upward trend coincides with a major market bottom and potential reversal.

However, the $0.124 level is backed by 44.79 Billion DOGE in supply accumulated by 311.21k addresses. This level coinciding with triangle resistance could create a challenge for buyers to provide sufficient breakout. 

Therefore, a potential reversal could extend the Dogecoin price consolidation trend and the potential for a triangle breakdown.

The post Will Dogecoin Price Surpass $0.15 By October End? appeared first on CoinGape.

---

Filed under: News - @ October 9, 2024 10:26 pm